Are you an entrepreneur searching for commercial insurance to protect your new company? While the number of coverage options can make the process appear to be complicated for those who are unfamiliar, there are some basic concepts that make up all policies. Below are three coverages that you should plan to include in your new policy.
General Liability Insurance
General liability is there to protect you against lawsuits from the everyday execution of your business. If a third party sustains an injury or property damage on your premises or because of your business activities, your policy would pay for any legal fees and damages for which you’re found liable.
Professional Liability Insurance
As seen on https://www.reganagency.com, professional liability insurance protects your business in case you’re accused of making an error or delivering sub-standard service. Like general liability, if a lawsuit is filed, your professional liability policy would cover the costs of your legal responsibilities damages owed.
Property insurance protects your business by covering your property against damage or loss. Items that can be covered include your landscaping, building, furniture, equipment and electronic property. If your property is hit by a fire, storm, vandalism or theft, your policy would cover the costs to repair and replace them.
There are many other coverage options available to you depending on your industry and local government requirements. Work with an experienced agent to craft a policy that meets your needs.
Finding a specialty insurance broker can be important, depending on what type of insurance you are looking for. Discover what types of insurance this could include and why you would find these services helpful.
Types of Speciality Insurance Services
A specialty insurance broker can provide specific services that you might need help getting coverage for. These can include:
Depending on what you need help with and what types of things you need to be covered, finding the right policy can make a difference in keeping your business protected from further problems, as seen on www.caitlin-morgan.com/.
How a Broker Can Help
A broker can make the process easier by helping you find the right insurance policies you are looking for, and narrowing them down. You can sort by price, or by what is covered until you find the right coverage you are looking for. A specialty insurance broker can take the guesswork out of the policy you are trying to find, and bring the policy to you. This can save you time from searching for what you need.
Choosing to Work With a Broker
Choosing to work with a broker can save you time. Your broker can help you locate specialty insurance policies that you are looking for, and then help you narrow down the right policy for you.
Operating a business always comes with risk, but for many entrepreneurs, the risk they consider first isn’t always the one they need to be thinking about. That’s because most business owners realize the need for liability insurance for their companies, but they don’t necessarily know if liability insurance is enough. Most of the time it’s not. For those working in construction, builders public liability insurance provides a key link in the chain of coverage, ensuring you are taken care of if an unexpected incident leads to your liability for damage or injury to a member of the public as a result of the work.
Coverage for Contractors
SB One Insurance Agency offers contractor coverage that includes the risks unique to builders, those not covered by more general liability policies. What’s on that list?
Weather damage to your site or equipment
Extreme weather events and natural disasters
If you are building, you need the coverage that keeps you and your workers safe. That means you need to work with an agency whose experience allows them to anticipate your needs. It also means you need to keep the avenues of communication open because as your business grows, your needs will evolve. Talk to an agent about those changes to make sure they don’t result in an uninsured exposure.
When you offer goods or services to consumers, there is always the possibility of liability. The people in your company who make major decisions are often under the greatest scrutiny. You need an executive protection plan that protects them. Moody Insurance recommends liability coverage specifically designed to handle the legal fees of those who are in charge. Your company may have a choice between a policy with a duty-to-defend option or reimbursement.
Duty To Defend
The D&O coverage of many small companies falls under a duty to defend. The contract obligates the carrier to cover certain expenses:
Once the total cost is known, the carrier can bill the clients for the portion for which they are responsible.
Coverage that is offered on a reimbursement basis can give larger companies or those that are publicly traded a little more freedom. The carrier has the right to address every claim but is not obligated to do so. Therefore, the client may be able to handle smaller or more frivolous matters in house rather than involve the insurance company.
Regardless of which option works best for your company, it is in your best interest to purchase a plan that protects your top executives. Such a plan empowers them to make strong decisions, knowing that the company has their back.
If a business plans to accept payment through card transactions, they need to be aware of PCI DSS, Payment Card Industry Data Security Standards. These standards were created by the credit card industry and help establish security practices for businesses who plan to handle card information. When data breaches occur and businesses are found to be in non-compliance with the standards, they will have to face PCI DSS fines and penalties.
What are the PCI DSS Regulations?
In the case of a security breach, these regulations provide a guideline for businesses to stay in compliance.
In general, the guidelines suggest the following:
Encryption to protect cardholder data
Firewalls to protect stored information
Policies on and control of employee access to cardholder data
Routine checks of security systems
What are the Fines and Penalties for Non-compliance?
Any PCI DSS fines and penalties are handed down by the card companies and banks used by the non-compliant business. If a business has a data breach, the card company will investigate. If at the time of the breach, the bank is found compliant yet the business was non-compliant, fines and penalties will be levied onto the bank, and they can pass those fines onto the business.
While not a law, business owners should be well-versed in PCI DSS regulations to prevent fines and penalties in case of security breaches.
The MeToo movement is poised to restructure the dynamic between men and women altogether. Sexual misconduct is not an acceptable action in any context, and this movement has brought these wrongdoings to light. If someone is faced with sexual misconduct in society nowadays, they would like to prefer the guillotine once the mainstream media becomes aware of these actions. Celebrities such as Bill Cosby, Harvey Weinstein, and Robert Kelly have completely derailed acquired stardom due to the mistreatment of countless women. Unfortunately, sexual misconduct is still a problem in society, and this behavior frequently occurs in the workplace. At this time, your organization should invest in sexual misconduct insurance to prevent any future liability. The last thing you want is for the workplace to be considered unsafe by employees.
Sexual Misconduct in the Workplace
When you work with a core group of individuals for an extended period, a bond between these people forms. The majority of your time is spent with your coworkers, and feelings can begin to develop over time. However, sexual advances are often declined to ensure the workplace remains a professional environment. With this said, some individuals ignore these advanced and sexually assault other members of the workforce. With a sexual misconduct insurance policy, the organization would be covered from any potential payouts to the victim of this incident.
Workers compensation payouts are a possibility for any business, and this is something all business owners should keep in mind. Accidents frequently occur outside of the workplace, so it is only a matter of time until someone receives an injury at your place of work. Hopefully, this does not occur, but it is wise to have a workers compensation policy as a preventative measure. With this said, EMR rating is an aspect of workers compensation that is seldom discussed. EMR pertains to past injuries that have occurred and any potential for risks to occur in the future. Depending on the number of damages that have occurred at your workplace, this rate will either be below or above one.
Lowering Your EMR
If any injuries have occurred at your workplace, the likelihood of your EMR rating being above one is relatively high. When this number is higher than one, the amount of your worker compensation insurance premium will increase substantially. While this is alarming information, it is possible to lower your EMR rating when you perform particular actions. The first preventative measure involves creating a safety program that all employees follow. With a robust safety management plan for your organization, you will be able to lower this rating over an extended period.
No matter how safe your building is or how careful you are as a business owner, accidents sometimes occur. If people get hurt, you may be liable for their injuries. That’s where your liability coverage comes in. If you have a Paramus commercial liability insurance policy, what can you expect it to cover?
Injuries on Property: If a visitor to your building is injured on your property, he or she may sue you for damages.
Your commercial liability policy can cover the expenses associated with the legal resolutions process:
- Legal defense fees
- Damages awarded by the court
- Plaintiff’s legal fees that are part of the settlement
Injuries From Product Use: When your product is put on shelves, there is an understanding that, when they use it as directed, the buyers will come to no harm. If your product causes injury or damages their property, they may need to be compensated for these damages. You need the appropriate Paramus commercial liability insurance to protect you from having to pay these expenses out of pocket.
There are many situations where solid liability coverage can come in handy. When you are responsible for a business, you can’t afford to leave yourself vulnerable. Discuss your commercial liability needs with your insurance agent to make sure you have all the coverage you need.
The financial industry is one that carries a great deal of risks, especially concerning the handling of money. That is why these institutions need adequate coverage that provides protection for the business and employees in the form of bankers professional liability coverage.
What Is This Coverage?
Providing professional financial services means institutions, executives and employees are all at risk of liability claims.
Financial institutions choose to select a coverage that helps protect against the following claims:
- Wrongful acts
- Misleading financial advice
- Negligence in performing financial duties
- Mishandling of funds
While your business may not do the above acts on purpose, the fallout of these mistakes can be devastating for your business and your clients. Having the right protection in place can help mitigate the risks and protect both parties involved in the claims.
Who Does This Protect?
Bankers professional liability coverage is ideal for any size of a financial institution, whether it is a small bank or an international financial office. Your employees, the executive suite and your business overall are protected by this insurance policy, so you can keep providing the financial services you are known for.
If your business is in the financial sector and directly handles client money or accounts, you need bankers professional liability coverage. The risks are too great and the aftermath too damaging to be without this insurance policy in the financial industry.
When running a staffing agency there are many considerations that need to be made to make sure you are operating efficiently and following all the necessary protocol. When done right, you can secure relationships with businesses who will rely on your agency for providing the talent that you pass along to them. While your business is valuable to organizations that are looking for the right workers to fill their vacancies, things can go become unnecessarily complicated among the parties involved if there are any accidents, mishaps, disagreements and disputes. By contacting an agent that specializes in staffing insurance solutions, you can provide the best service possible with minimal worry.
Support From Staffing Insurance
Depending on the types of contracts you work with, you may need different types of coverage. These issues can arise within the agency itself or at the client’s place of business. Some safeguards that may be in your plan include the following:
Injuries and accidents
Protections for temp workers not qualifying for the same benefits as regular employees
Staffing errors and omissions
Regardless of the types of industries your staffing agency serves, these basic coverages can be very useful for minimizing the potential damages that come along with legal repercussions that often result from these issues. Therefore, staffing insurance solutions are not just added protection but a necessity in many cases.